After closing down 11% to $20.54 yesterday the stock is off another 34 cents to $20.20 in early pre-market trade.
From the Wall Street Journal:
Trina Solar Ltd. (TSL) priced its offer of at least 7.9 million American depositary shares at a 1.4% discount to Thursday's close as it raises funds for expansion.
The offering was disclosed late Wednesday and sent the Chinese solar company's ADS down 11% on Thursday. The depositary shares were priced at $20.25 each; there is nearly 70 million currently outstanding. Each ADS represents 50 of the company's ordinary shares, which have quintupled the past year.
Trina also tapped equity markets in the summer by selling 5.2 million ADS, also looking to raise cash for expansion efforts.
The company said last month it swung to a fourth-quarter profit as sales volume hit a record. The solar-power industry has seen signs of improvement in recent months, but oversupply and a proposed subsidy cut in Germany cloud the sector's outlook. However Lazard Capital Markets analysts in February said Trina maintains one of the most diversified sales channels in Europe, which should help limit pricing pressures.
Here's the press release: